RPC Inc. (RES) Sees Unusually-High Trading Volume

Shares of RPC Inc. (NYSE:RES) saw an uptick in trading volume on Wednesday . 7,708,177 shares changed hands during mid-day trading, an increase of 187% from the previous session’s volume of 2,688,398 shares.The stock last traded at $15.27 and had previously closed at $15.32.

Several brokerages recently issued reports on RES. Cowen and Company reiterated an “outperform” rating and issued a $17.00 price target (up from $14.00) on shares of RPC in a research note on Thursday, April 28th. FBR & Co reiterated a “buy” rating on shares of RPC in a research note on Thursday, April 28th. GMP Securities cut RPC from a “hold” rating to a “reduce” rating in a research note on Thursday, April 28th. Morgan Stanley restated a “hold” rating and set a $19.00 target price (up from $17.50) on shares of RPC in a research note on Wednesday, April 27th. Finally, Seaport Global Securities cut RPC from a “neutral” rating to a “reduce” rating and set a $12.00 target price for the company. in a research note on Tuesday, April 19th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. RPC has a consensus rating of “Hold” and a consensus target price of $14.27.

The company’s market capitalization is $3.32 billion. The firm’s 50 day moving average price is $15.13 and its 200-day moving average price is $13.64.

RPC (NYSE:RES) last issued its earnings results on Wednesday, April 27th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.05. The firm earned $189.10 million during the quarter, compared to the consensus estimate of $208.21 million. The company’s quarterly revenue was down 53.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.04 EPS. Analysts anticipate that RPC Inc. will post ($0.76) EPS for the current fiscal year.

In related news, CEO Richard A. Hubbell sold 100,000 shares of the stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $15.79, for a total transaction of $1,579,000.00. Following the transaction, the chief executive officer now owns 2,739,345 shares in the company, valued at $43,254,257.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

A number of hedge funds and institutional investors recently modified their holdings of the stock. Stephens Investment Management Group LLC increased its position in shares of RPC by 153.7% in the fourth quarter. Stephens Investment Management Group LLC now owns 897,185 shares of the company’s stock worth $10,721,000 after buying an additional 543,505 shares during the period. Dimensional Fund Advisors LP increased its position in shares of RPC by 28.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,272,336 shares of the company’s stock worth $27,154,000 after buying an additional 499,468 shares during the period. Cornerstone Capital Management Holdings LLC. increased its position in shares of RPC by 149.9% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 451,182 shares of the company’s stock worth $5,391,000 after buying an additional 270,634 shares during the period. First Trust Advisors LP increased its position in shares of RPC by 2.4% in the fourth quarter. First Trust Advisors LP now owns 506,036 shares of the company’s stock worth $6,047,000 after buying an additional 11,914 shares during the period. Finally, California State Teachers Retirement System increased its position in shares of RPC by 1.9% in the fourth quarter. California State Teachers Retirement System now owns 109,484 shares of the company’s stock worth $1,308,000 after buying an additional 2,011 shares during the period.

RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment to oil and gas companies engaged in the exploration, production and development of oil and gas properties across the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.